30% of European unicorns may have lost their billion-dollar status, but not Alan. The French health insurance startup is now valued at €5 billion — approximately $5.83 billion, up from $4.5 billion in 2024.

Created in 2016, Alan has grown into a team of 740 people serving one million employees, freelancers and retirees with health insurance and wellness services. Its app already lets users manage reimbursements, access doctors and track health habits. The company says it now has the means to “invest ambitiously, particularly in [tech] and [AI],” according to a statement from its CEO, Jean-Charles Samuelian-Werve, who is also a co-founding advisor and board member at the French AI company Mistral AI.

Alan’s latest valuation comes from a €100 million round ($116 million) led by existing investor Index Ventures, joined by new investors Greenoaks, Kaaf, and SH, along with business angels including Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belgian bank and insurance company Belfius, a strategic partner that led the previous Series F round, also participated.

In the interim, Alan won a contract to provide health insurance to up to 135,000 civil servants and their relatives, adding to private-sector deals struck in both France and abroad. The company claims it reached €785 million — approximately $915 million — in annual recurring revenue in 2025, up 53% from the end of 2024.

Without sharing exact numbers, Alan also declared it reached operational profitability in its home country, where it was the first new independent insurance company to get a license since the 1980s and which remains its largest market. The company has since expanded into Belgium and Spain, where it counts HP and Volkswagen as clients; and more recently, into Canada, where it is now licensed across all provinces and has begun commercial operations.

Overall, Alan says it is approaching operating break-even. After registering net losses of $61 million in 2023 and $56 million in 2024, it claims to have halved its losses as a percentage of revenue over the past 12 months. With international expansion and product improvements as priorities, Alan is aiming to reach $1.16 billion in ARR in 2026 rather than profitability. It seems investors can live with that trade-off.